| Topic Name: |
Compensation |
| Message Name: |
Basics of Met compensation. |
| Date Posted: |
03/05/2006 |
| In Reply To: |
I am currently negotiating salary for a manager position. Met is offering me less than what I make at present job, and insisting that I need to focus at TOTAL COMP that they offer. They (interviewers) have been trying to convince me that Met is pretty good with paying bonuses (upto 20% offererd to me). They say most years people make 100% of their planned bonus. Is that true? I find it difficult to take a pay cut. Any advice? |
| Message: |
There is a lot that goes into their "total compensation". I don't necessarily mean money, its mostly formula, policy and limits and rules. Here are some highlights as I remember them.
Everything is based on performance, level and current compensation.
They have salary and bonus guidelines for every level and rank.
Level is a position within the company. For example a Project Manager in IT would be a level 30. A Director would be a level 31.
Rank is an annual process of rating performance. The possibilities are 1 through 5. 5 being the best. 1 meaning you aren't doing the job and are about to be fired.Once you reach the maximum guideline for your level and rank it is difficult to get any kind of increase, bonus or otherwise.
When they start the business year they set a goal for the company to make. If they reach the goal the bonuses will be based on a 100% of their planned bonus.
If they exceed the goal the 100% will go up depending on how well they do.
If they fall below their goal the 100% goes down. They try to avoid that at all costs. First, because it looks bad for the Stock. Second, it reduces the bonuses for the senior officers just like everyone else.
Lets say they achieve 100% of their goal. That doesn't mean you get a 20% bonus. The non management levels would get 5% of their annual salary put in a pool. Levels 29 and 30 would get 10% put in. Level 31 - 15%. AVP - 20% and so on up the ladder. But that doesn't mean you get that. Depending on your rating that year you would get more or less than that. For example, if you did really well and you and were a level 31 you would get more than 15%. If you did poorly you would get less than 15%. And then there are the minimum and maximum salary guidelines for each level and rating. That can also affect the amount up or down.
You can also get one time bonuses for special circumstances, if you are at or above your max.
Also, if you get a promotion that year that puts you in a new salary range also.
Salary increase, or merit increases as they call them, are also deermined at bonus time and are based on the same factors. The salary increase pool may be set at, say 5%. That means 5% of your annual salary amount will be put in a pool. Depending on your level, rank and current salary you may get more or less than that.It is a very involved process that has its good and bad, like anything else. It is difficult to manage because every manager has his opinion of what is a good job and what is a bad one. The money pools are a "rob Peter to pay Paul" situation. If someone gets more than their allotment someone else has to get less because the overage came from someone's input. Very little money moves in or out of a given unit because as you bubble up the chain of management they are less in contact with the individuals and can't make an informed decision to free up or take money from someone else's pool.
I am running out of steam. If anyone has any specific questions I will try to answer them. I have been out of Met for a while so some of these specific's may have changed slightly but the basics are still there.
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